by Jdubwhiteboy » Thu Mar 31, 2016 10:07 pm
I have a 2004 BMW 530i that I rear ended someone in and my insurance wants to total the car because the repairs exceed 50% of the value but its only cosmetic basically. It's only the hood, lights, and front bumper plastic skirt but being a BMW the lights alone are $1500. each and hood is $1400. , I still owe $12000. to the finance company and my "full coverage" only covers up to $10,000, so I'm looking at around a $6500. loss including my $2500. down payment...My insurance wont let me cancel my claim and doesn't want to let me buy it back what are my options? because the car is the best car I've ever had and I don't want to give it up.
Posted: Fri Apr 01, 2016 01:42 am Post Subject:
First, you can withdraw your claim if you'd like. It's your lien holder that won't allow you to keep the car as the insurance company would reduce their payment to your lien holder based on the salvage value and then your lien holder would not have any collateral.
Allow the insurance company to pay the lien holder and then see of the lien holder will work out a deal to lower the pay off. They may not.
You choose to only have a $10,000 policy? You still owe $12,000 on a vehicle that is worth less? If it's worth more, why would you only insure it for $10,000?
Posted: Mon Apr 25, 2016 06:43 am Post Subject:
I think you should claim the entire coverage for the loss so that you will have to pay only $2000 from your side.
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